Indian rupee ended marginally weaker against dollar on Friday, due to month-end dollar demand from importers and banks. Also, a weak domestic equity market weighed on the rupee. Traders maintained cautious approach ahead of the Reserve Bank of India’s two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday. However, losses remained capped as some support came with report from the prestigious Massachusetts Institute of Technology (MIT), which said that monsoon has strengthened over north central India in the last 15 years, indicating a reversal in the general perception that the region has dried up in over a decade. On the global front, dollar dipped against its major peers on Friday ahead of an update on the broadest measure of the US economy-a GDP report that could help shape the Federal Reserve’s so far slow-moving approach to interest rates.
Finally, the rupee ended at 64.15, 4 paise weaker from its previous close of 64.11 on Thursday. The currency touched a high and low of 64.24 and 64.11 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.14 and for Euro stood at 74.98 on July 28, 2017. While the RBI’s reference rate for the Yen stood at 57.78, the reference rate for the Great Britain Pound (GBP) stood at 83.88. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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